jain wants to celebrate her daughters birthday. this time it was a prestige issue to her, as only last month her neighbor celebrated her son's birthday in a grand fashion. she borrowed two loans at simple interest, one for Rs.16000 at 5% per annum and the other for Rs.12000 at 5% per annum for the Same period. she paid Rs.7000 as total interest. what is the period for which she borrowed the money?
Answers
1st loan
Principle= 16000rs
rate= 5% (per annum)
time=?
interest= P×R×T/100
= 16000×5×T/100
= 160×5×T
= 800T
2nd loan
Principle= 12000rs
rate= 5% (per annum)
time=?
interest= P×R×T/100
= 12000×5×T/100
= 120×5×T
= 600T
given that-
interest1 + interest2 = 7000
800T + 600T = 7000
1400T= 7000
T= 7000/1400
T= 5
Hence,
He borrowed money for 5years.
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Answer:
Time period for which she borrowed money is 5 years.
Explanation:
Given
two loans
Loan 1 = Principal = 16000, rate = 5%
Loan 2 = Prinicipal = 12000, rate = 5%
total interest = 7000
to find : period for she borrowed money
Loan 1
Simple interest = ( principal × rate × time ) /100
Simple interest = (16000 × 5 × time) /100
Simple interest (S1) = 800 × time
Loan 2
Simple interest = ( principal × rate × time ) /100
Simple interest = (12000 × 5 × time) /100
Simple interest (S2) = 600 × time
S1 + S2 = 7000
(800 × time ) + (600 × time) = 7000
1400 × time = 7000
time = 7000/1400
time = 5
time period = 5 years